Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and investment strategies [1][10] - The previous gold stock combination achieved a return of 10.81% from June 1 to June 30, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 11.85 and 12.25 percentage points respectively [4][5] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 302.29%, with the A-share combination rising by 239.35% [5][4] Group 2 - The current strategy maintains a judgment of a high central oscillation market, with expectations for a bull market core period emerging in 2026-27 [13] - The report suggests focusing on growth sectors such as national defense, innovative pharmaceuticals, and robotics, while strategically favoring Hong Kong stocks as a leading market in a potential bull market [13] - The top recommended stocks include "Iron Triangle" stocks: Plater, Haier Smart Home, and China Life (Hong Kong), along with other selected stocks like Yiwei Lithium Energy and Alibaba-W (Hong Kong) [16][17] Group 3 - The report highlights the performance and rationale for each of the top ten gold stocks, emphasizing their growth potential and market positioning [19][21] - For instance, Yiwei Lithium Energy is expected to benefit from the electric heavy truck market, while Haier Smart Home is positioned to leverage high-end market trends and digital upgrades [17][19] - The report also provides valuation and profit forecasts for these stocks, indicating expected growth rates and earnings per share (EPS) for the coming years [21][22]

Core Points - The signing of the National Natural Science Foundation's Private Enterprise Innovation Development Joint Fund marks a significant step for private enterprises in China to engage deeply in national basic research [1][3] - Four private enterprises, including Jiangsu Hengrui Medicine Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hangzhou Xiehe Medical Supplies Co., Ltd., and Qilu Pharmaceutical Co., Ltd., have officially joined the fund [1][3] Group 1 - The National Natural Science Foundation Committee emphasizes the critical role of private enterprises in technological innovation and overcoming challenges such as technological blockades and insufficient original innovation capabilities [3][4] - The joint fund aims to attract high-level scientific forces to participate in basic research in the medical field, enhancing independent innovation capabilities and supporting national medical safety and transformation [3][4] Group 2 - The four signing private enterprises plan to focus on cutting-edge areas such as tumor immunology and new delivery systems, promoting innovation from target discovery to clinical transformation [3] - They will collaborate with universities to tackle core components of medical imaging equipment, accelerating the localization of high-end medical devices [3] - The enterprises will support basic research in biomedical materials, aiming to break through key technologies such as absorbable materials and high-precision detection [3][4]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a net value increase of 1.77% recently and a year-to-date return of 8.30% [1] - The fund's recent one-month return is 0.30%, with a six-month return of 8.30%, ranking 628 out of 1722 in its category for both periods [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] Group 2 - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, and has a total scale of 15.613 billion yuan as of March 31, 2025 [1] - The fund is managed by Guo Lan, who has extensive experience in the investment management field, having previously worked at various financial institutions [2]

Group 1 - The establishment of the Joint Fund for Innovation Development of Private Enterprises marks the first time that private enterprises participate as "proposers" in the national basic research system [1][2] - The Joint Fund aims to encourage private enterprises to increase investment in basic research, attract national research strengths, and focus on key technological areas to promote innovation [1][2] - The initiative is part of a broader strategy to enhance the role of technological innovation in modernizing the nation and addressing challenges faced by private enterprises, such as technological blockades and insufficient original innovation capabilities [2] Group 2 - Jiangsu Hengrui Medicine Co., Ltd. plans to focus on tumor immunology and new delivery systems to drive innovation from "target discovery" to "clinical transformation" [2] - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. aims to collaborate with universities to tackle core components of medical imaging equipment and accelerate the localization of high-end medical devices [2] - Hangzhou Xiehe Medical Supplies Co., Ltd. will support basic research in biomedical materials, focusing on key technologies such as absorbable materials and high-precision detection [2] - Qilu Pharmaceutical Group Co., Ltd. intends to build a collaborative innovation network around biopharmaceuticals and small molecule innovative drugs to expedite the application of innovative results [2]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for its innovative drug, SHR0302, to treat severe alopecia areata in adults, addressing a significant unmet medical need in this patient population [1][2] Group 1: Product Information - SHR0302 is a highly selective JAK1 inhibitor that exerts anti-inflammatory and immunosuppressive effects by inhibiting JAK1 signaling [2] - The drug has already been approved for three indications in China, including active ankylosing spondylitis, moderate to severe active rheumatoid arthritis, and moderate to severe atopic dermatitis [2] Group 2: Market Context - The global lifetime prevalence of alopecia areata is as high as 2%, with approximately 3.49 million patients in China as of 2021, indicating a substantial disease burden [1] - Current treatments for severe alopecia areata, such as corticosteroids and immunosuppressants, have significant side effects and challenges, highlighting the need for effective and safe long-term treatment options [1] Group 3: Competitive Landscape - There are already oral JAK1 inhibitors approved globally for alopecia areata, including Pfizer's LITFULO®, Eli Lilly's OLUMIANT®, and Sun Pharmaceutical's LEQSELVI™, but no domestic JAK1 inhibitors have been approved in China [2] - The combined global sales of LITFULO® and OLUMIANT® are projected to reach approximately $1.047 billion in 2024 [2] - The total R&D investment for SHR0302 has reached approximately 1.091 billion yuan [2]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-097 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 批准的适应症：本品适用于成人重度斑秃患者。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）的通知，批准公司自主研发的 1 类创新药硫 酸艾玛昔替尼片（SHR0302 片）新增适应症，用于成人重度斑秃患者。现将相关 情况公告如下： 一、药品的基本情况 药品名称：硫酸艾玛昔替尼片 剂型：片剂 规格：4mg 注册分类：化学药品 1 类 受理号：CXHS2400089 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 处方药/非处方药：处方药 江苏恒瑞医药股份有限公司董事会 2025 年 6 月 30 日 [1]. 中华医学会皮肤性病学分会毛发学组 .临床皮肤科杂志. 2020;49(2):69-72. [2]. Lee HH,et al. J Am Acad Dermatol. 2020;82(3):675-682. [3]. Li X, et al. ...

近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）的通知，批准公司布比卡因脂质体注射液新 增适应症。现将相关情况公告如下： 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-096 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 规格：20ml：266mg 注册分类：化学药品 3 类 受理号：CYHS2401989 处方药/非处方药：处方药 批准的适应症：成人腘窝坐骨神经阻滞产生术后区域镇痛；成人收肌管阻滞 产生术后区域镇痛。 一、药品的基本情况 药品名称：布比卡因脂质体注射液 剂型：注射剂 二、药品的已获批适应症情况 布比卡因脂质体注射液于 2022 年 12 月于国内首仿获批上市，用于 12 岁及 以上的患者单剂量浸润产生术后局部镇痛，也适用于成人肌间沟臂丛神经阻滞产 生术后区域镇痛。该产品已于 2024 年 7 月在美国首仿获批上市。 三、药品的其他情况 特此公告。 江苏恒瑞医药股份有限公司董事会 2 ...

Group 1 - The Hong Kong IPO market has shown remarkable performance in the first half of 2025, with fundraising exceeding 105 billion HKD, ranking first globally [1][2] - A total of 42 new stocks were listed in Hong Kong in the first half of 2025, a 40% increase compared to the same period last year, marking the highest fundraising total since 2021 [1][2] - The influx of international capital into Hong Kong has significantly increased, with funds rising from 366 billion USD in early 2024 to 506 billion USD by April 2025, the highest since 2000 [2] Group 2 - The surge in the IPO market is attributed to Hong Kong's role as a core hub for global capital allocation in Chinese assets, facilitating efficient connections between domestic and international resources [1][2] - Leading companies in hard technology and new consumption sectors are becoming the "new core assets" of the Hong Kong stock market, reflecting strong investor interest [2][3] - The listing of companies like CATL has set multiple records, with its IPO being over-subscribed by more than 150 times and raising over 40 billion HKD [3] Group 3 - There is a growing trend of A-share leading companies opting for "A+H" dual listing in Hong Kong, with nearly 70 A-share companies planning to list, contributing significantly to the total fundraising in the IPO market [4] - The Hong Kong IPO market is expected to maintain its momentum in the second half of 2025, with over 170 listing applications currently in process and an estimated 80 new companies expected to list, raising around 200 billion HKD [5]

Core Insights - The healthcare ETF, Taikang (159760), is experiencing a stalemate, with the index tracking the National Public Health and Healthcare Index (980016) rising by 0.23% [1] - The adjustment of the medical insurance catalog in 2025 marks a shift in China's healthcare system towards a collaborative model of "basic medical insurance + commercial insurance" [1] Group 1: Policy Impact - The core value of the new policy is to reconstruct the payment ecosystem, accelerating the market entry of high-value innovative drugs by sharing payment burdens with commercial insurance [2] - The policy optimizes risk distribution, with basic medical insurance focusing on essential medications (approximately 60% coverage) and commercial insurance covering high clinical value innovative drugs (approximately 25% coverage) [2] - The success rate of negotiations for innovative drugs in 2024 exceeds 90%, compared to the overall industry rate of 76%, allowing for better pricing power in negotiations [2] Group 2: Index Composition and Performance - The National Public Health and Healthcare Index encompasses a full chain in the public health sector, including prevention, testing, and treatment, with a focus on companies benefiting from policy incentives [3] - The top ten weighted stocks in the index account for 52.4% of the total, including leading companies like Heng Rui Medicine (600276) and WuXi AppTec (603259) [3] - The Taikang healthcare ETF has three core advantages: low cost and high efficiency, strong sensitivity to policy changes, and optimized timing for stock allocation under the new insurance collaboration policy [3]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant data disclosures from the 2025 ADA conference, emphasizing the potential of weight loss and muscle gain drugs, particularly in the Amylin and oral medication segments [10][16] - The report suggests focusing on differentiated drug development in weight loss, particularly the combination of multi-target GLP-1 with Amylin for enhanced efficacy [10][16] Industry Trends - The A-share pharmaceutical index has increased by 1.6% this week and 6.2% year-to-date, while the H-share biotechnology index has seen a rise of 2.7% this week and 52.7% year-to-date [9] - Notable stock performances include Shenzhou Cell (+30%), Haooubo (+27%), and Huaren Health (+25%) in the A-share market, while JunTai Holdings (+63%) and Jingyou Pharmaceutical (+62%) led in the H-share market [9] Research and Development Progress - Significant advancements in innovative drugs and modified drugs have been reported, with a focus on approvals and clinical submissions [6] - The report details the approval of the GLP-1R/GCGR dual agonist "Masitide" by Innovent Biologics, marking it as the first of its kind globally for obesity management [10][16] Specific Recommendations - The report ranks sub-industries as follows: Innovative drugs > CXO > Traditional Chinese medicine > Medical devices > Pharmacies > Pharmaceutical commerce [11] - Recommended stocks based on growth potential include: BGI, Innovent Biologics, and Hengrui Medicine, while undervalued stocks in traditional Chinese medicine include: Zhaoli Pharmaceutical and Dong'e Ejiao [11]